Investors have given their backing to Prospect Property Group, which has launched a new national co-living brand.
SoCity will provide co-living apartments for professionals in city centre locations across the UK.
Its first site will be the 23-storey development at Lisbon Square in Leeds (pictured above), which is subject to planning approval this summer.
SoCity will offer studios, one-, two- and three-bed apartments for young professionals with 24-hour concierge and security, weekly cleaning and linen services, co-working hubs, communal coffee and social areas as well as a gym and cinema facilities.
Leases on the fully furnished apartments and studios will be for a minimum of 12 months and can be signed individually or as sharers.
Five further planning applications are expected this year at sites already negotiated in Wembley, Bristol, Sheffield and Southampton, with a total development value of £250m.
“We are seeing a change in what young professionals want in terms of accommodation when they start their working lives, and co-living will become a significant part of the development mix over [the] coming years,” said Warren Hill, chairman at Prospect Property Group.
“The recognised ‘Prospect’ brand and our 32-year trading experience in the serviced office and shared workspace sector in London have given us the edge over our competitors, and our bespoke IT systems and trained staff made co-living the obvious next step.”
Aspect Architecture has been commissioned to design the Leeds scheme, which will consist of 146 one-, two- and three-bedroom apartments.
“Young people – who can’t or don’t want to own their home – want the convenience of a fully equipped, grown-up apartment without the upfront cost and time investment that comes with furnishing a home from scratch.
“SoCity will provide all of this, and we expect that as with similar developments, such as ‘The Collective’ in the capital, demand for units will outstrip supply once the concept apartments are launched in 2019.”
The SoCity Leeds planning application is expected to be decided in September 2018 and work to develop the site could commence as soon as this autumn.
Source: Development Finance Today